FLU you made a pretty good point about the rentals. As Bugs pointed out, you need to gaurdband against rental rates dropping. However, (and this is a very speculative remark on my part) I am not convinced that we are in a rental rate bubble that will result in rents dropping 30-40%. So the real homework there is to make a worst case rental rate decline projection and crunch the numbers to make sure that your cash flow projections have some tolerance.
